Listed below are a number of accounts for Melcier Industries. Use the schedule shown below to classify each account, and indicate if it is included in the closing process and, if so, how it is closed.
Definitions:
Federal Unemployment Taxes
Taxes paid by employers based on employee wages/salaries to fund unemployment compensation to workers who have lost their jobs.
Medical Insurance
Health care insurance for which premiums may be paid through a deduction from an employee’s paycheck.
State Income Tax
Taxes levied on income by individual states, varying widely in rate and structure from state to state.
Social Security
A government program that provides financial assistance to people with insufficient or no income, especially the elderly, disabled, and families with dependent children.
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